There’s a lot at stake for all parties to a real estate transaction. A bad deal can cost a lot of money, and in some instances it can lead to legal trouble. That’s why it’s imperative that those who are engaged in the process, regardless of whether they are a buyer or a seller, understand the law and how it could affect. One the biggest area where this is true is how the law applies to disclosures.
When disclosure is required
Real estate transactions, like any other contractual relationship, require a certain amount of transparency and trust. As a result, many people think that sellers are completely honest about the property that they are selling. Even if they’re honest, though, they may not be disclosing every detail about the house that could affect a buyer’s decision to purchase the property.
This is because the law only requires disclosure in under certain circumstances. The Florida Supreme Court has held that a seller is only obligated to disclose facts that materially affect the value of the property in question. In addition, disclosure is only required if the issues are not readily observable and they are not known to the buyer. It’s important to note that there is no “intent” aspect to the law. A buyer may bring a claim against a seller if all of these elements are met regardless of whether the seller intended to defraud the buyer. The seller simply had to know of the material facts and fail to disclose them.
What this means for you
What all of this means for you really depends on your set of circumstances. If you’re a buyer, then this means that you need to be careful in your disclosures, making sure that you’re doing so in compliance with the law. If you’re facing allegations of nondisclosure, then you need to be able to aggressively apply the law to your set of facts.
Alternatively, if you’re a buyer who thinks that he or she has been wronged, then you need to know how to apply the law to your case to aggressively pursue your claim. In both instances, you can probably benefit from skilled legal representation. If you’d like to learn more about what you can do to protect your interests in your real estate case, it might be time to speak with an attorney of your choosing.